updated 04:20 pm EDT, Mon March 25, 2013

Deal closes Summly app immediately, content absorbed into Yahoo soon

London-based newsreader developer Summly has been acquired by Yahoo. The deal, said to be worth $30 million, will see the Summly app close, and Yahoo issued a statement that said the company plans to "acquire the technology and you'll see it come to life throughout Yahoo's mobile experiences soon."

Adam Cahan, the senior vice president of mobile and emerging products at Yahoo said in a blog post that the app "started with an insight -- that we live in a world of constant information and need new ways to simplify how we find the stories that are important to us, at a glance. Mobile devices are shifting our daily routines, and users have changed not only what, but how much information they consume. Yet most articles and web pages were formatted for browsing with mouse clicks. The ability to skim them on a phone or a tablet can be a real challenge -- we want easier ways to identify what's important to us."

Summly founder Nick D'Aloisio claims that over 90 million summaries over 500,000 app downloads have been read in just a few months. D'Aloisio wrote on the Summly homepage that the app, on Apple's list of Best Apps of 2012, will be removed from the App Store today.